Remember the old E.F. Hutton ads, “When E.F. Hutton speaks, people listen?”
The new version of that commercial is “When Janet Yellen talks, people panic.”
What did she say that caused a panic? Simply that she had a decidedly upbeat tone in her speech. She mentioned “Strong jobs gains” and “Solid pace” for the economy. And she no longer mentioned keeping rates low for a considerable time.
In other words, she was hinting at removing the spiked punch bowl and markets reacted with a stumble.
“Did someone mention taking away the spiked punch bowl?”
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